I thank God for whoever invented the Internet. Perhaps I should thank God more for those pioneers who saw the huge potential of this technology and went ahead to make it as accessible to everyone as it is today. Without the Internet, I really cannot imagine going about my daily business. Oh, I am sure that I would survive.  After all, we all survived without the Internet way back when. However, with all the advantages that this technology has brought us, it really is quite difficult to imagine life without it anymore.

One of the things that I appreciate the most about having the Internet is being able to do most things without having to leave the house. Yes, I am the rare person who does not really relish the thought of having to go out to do errands. Take shopping for example. I rarely go to the malls to go shopping. Why should I go through the hassle of crowds when I can do my shopping online? Then there’s banking. Why should I wait in line for hours at the bank when I can do all the transactions online? Seriously, I would rather go out and enjoy myself without the throngs of people that you encounter in the city.  For the errands, the Internet does just fine.

Same thing when it comes to loans and similar financial products. One of the best kind of loan that I have encountered is the cash advance loan. More often than not, cash advance loan lenders carry out their business on the Internet. This fact alone makes the whole idea very palatable to me. Yet being an online product is not the sole attraction of a cash advance loan.

You would think that since it is already online – which makes the application process very easy – the cash advance loan lenders would be a little stricter when it comes to their application requirements. Think again! Taking out a cash advance loan is even easier because there are only simply requirements that cash advance loan lenders need. Please take note that the things I will be listing down shortly are only basic requirements. Do not be surprised if a particular cash advance loan lender asks you for some additional requirements.

So what do you need? First, you have to be able to prove that you are a citizen or a resident of Australia. More than that, the cash advance loan lender that you choose should be carrying out their operations in the area where you live. After all, Australia is such a big place and not all cash advance loan lenders operate nationwide. Second, you have to be able to show that you are at least 18 years old. Any ID card would do for this. Third, you should be able to prove that you have a regular source of income. If you are employed, then your most recent pay stubs would do the trick. If you are self-employed, you need financial statements that would show that you have a stable income. Fourth, you need a current bank account.

Once you have all these things, you can do your business online. Now tell me if it gets any better than that!

Low doc loans are specifically designed to meet the needs of the self-employed. You still have to apply in writing and sign your loan agreement, but instead of providing proof of income, you typically only need to sign a declaration stating your income and ability to meet your repayments (a process called self-certification).

Providing you meet the lender’s credit criteria, there is usually no need to supply financial statements or tax returns.

Buy a home or buy/expand a business

Most lenders will allow you to use a low doc home loan to purchase or refinance your home or to buy an investment property. What’s less well-known is that if you’ve been in the same business for two years or more, many lenders will allow you to use the funds to buy a business1, fund business expansion, purchase plant, equipment, fixtures and fittings, machinery or vehicles, or even to refinance an existing business loan or overdraft. This can be a cheaper alternative to a bank overdraft or secured business loan.

Do you qualify?

To apply for a low doc loan you typically need to have an ABN and have been working in the same business for 2 years or more. However with some lenders, such as RAMS Home Loans, you can apply after having an ABN for just one year if you are only borrowing 60% or less of the property value.

In some circumstances, you may qualify for a low doc loan without an ABN. For example, if you can prove that the majority of your income comes from non PAYG sources; rental income, dividend income etc.

If you’re not sure whether you’ll qualify for a low doc loan, check with your lender.

Features and flexibility

Low doc loans usually come with the same features as standard home loans. For example, most low doc lenders offer a choice of variable and fixed rate options, as well as features such as an offset facility and redraw, as well as low doc loans with all-in-one or line of credit access.

However, because low doc loans are considered more risky, there are often some limitations to consider. For example, the maximum loan amount for a low doc loan is usually limited to 80% of the property value or a maximum amount of $1,500,000. This means that if you choose a low doc loan, you will typically have to put down a larger deposit than if you take out a standard home loan.

Most low doc loans charge a slightly higher interest rate or have higher fees than a comparable standard home loan. However this isn’t always the case and some products, such as RAMS SE Pro Pack, have the same interest rates as the comparable full documentation home loans.

Is a low doc loan right for you?

If you’re self-employed and are considering a low doc home loan, discuss your situation with a home loan expert.

He or she will be able to advise you of the options available to you and help you choose the loan that’s best suited to your needs.

If you have a great business plan at hand but lack the funding required for the initial investment, then it is a great idea to approach a private business angel for help. Business angels will take care of the initial investment, in exchange for the ownership of a percentage of your business. You must be wondering who these people are. Well, business angels are successful business owners who are running a number of successful businesses of their own. They invest in new businesses being started by aspiring entrepreneurs in exchange for the ownership of anything between 5% and 25% of the business. They claim whatever profits are made form their share of the business.

How do these angels work?

One thing is clear; business angels are not philanthropists. They are veteran businessmen looking to boost their earnings by investing in successful business startups. Since profit is the key here, you probably cannot just walk into an angel’s office and walk out with a signed agreement in your hand.

Studies show that many angel investors prefer putting their money in businesses that are located close to either their home or office. That way, they can often visit the place and check how well the business is being run. So, try to locate an angel investor who lives close to your business facility. Online websites like entrepreneurinvestornetwork.com.au can help you locate great investors in Australia for your new business.

Business angels will channel their already existing client/ customer base towards your business in order to boost the profits. So make sure you provide quality products/ services to the customers. Client/ customer satisfaction will be the key towards success of your business venture.

Provide realistic estimates of your profit to the business angel when you are asking for investment. Angel investors are very strict about profit margins, and you may lose their trust completely if you fail to live up to your end of the agreement.

Keep these points in mind when you look for private business angels to fund your new business venture. Angel investors can help you start off your new business on the right track. Just be sure to play your cards right.

Daily problems in our lives tend to appear worse at night, just right about when we’re ready to go to bed.  I can’t even remember how many times I have stayed in bed, with the lights out, just trying to fall asleep but somehow the problems just keep popping into my mind.  This is usually worse when the problem involves money.  Somehow, the matter just won’t go away until I find a feasible solution.

Have you ever encountered a similar situation?  I am sure that at one (or even more) point in your life, you have.  What do you normally do when you are faced with a financial problem?  Do you take the bull by its horns and find a definitive way to solve the problem or do you act like an ostrich, bury your head in the sand, and hope that it will go away on its own?

If there is one thing that I have learned, pretending that your problems are non-existent is not a good thing to do.  Even if you do your hardest best to ignore it, you will still probably spend countless sleepless nights.  Your subconscious does not rest easily, you know!

So do I have any suggestions?  Of course!  One feasible solution for a temporary financial problem is to take out a cash advance loan.  For some people, taking out a loan is the last thing that they would want to do.  Hear me out, though, as I truly believe that taking out a cash advance loan would help you.

A cash advance loan is just like any other loan except that it is for short term and temporary purposes only.  It addresses a specific need and is perfect for those individuals who have an urgent need to take care of and are expecting some cash to come in in the near future.

If you are facing a temporary cash shortage and you know that you have money coming within the next few weeks, then a cash advance loan should be perfect for your needs.  One of the most convenient features of a cash advance loan is the fact that it could be processed within a very short amount of time.  The specific time frame depends on the cash advance provider but in general, you can expect to have the money in your hands within a few hours to a day or so.  Even if you get the money within 2 to 3 days, that is still quite fast as compared to conventional loans!

Another feature of cash advance loans that many borrowers appreciate is the fact that credit checks are not required.  This means that you may have the worst credit record in all of Australia and it wouldn’t matter!  The security that the cash advance loan providers have is the money that you have coming in – this would be in the form of your next pay cheque or your business income if you are self-employed.

It’s quite simple, isn’t it?  So if I were you, I wouldn’t spend another sleepless night on a temporary financial glitch.  Go ahead, check out that cash advance provider!